Good point, fordem, and thanks for your help. The thermostat is working fine. I decided to go ahead and flush the coolant and change the radiator cap yesterday since I've read that faulty radiator caps can cause similar symptoms as a faulty head gasket (such as small bubbles on the cap). I haven't had a chance to drive the vehicle since then.
I'm concerned about the color of the coolant that was in the vehicle. It had a rusty brown appearance, and appeared thin. It was almost as if it had no antifreeze mixed in at all. I guess this makes sense since I bought the car from Georgia. I then checked the oil for a "milky" appearance, but it looked to be free of any contamination. So this leads me to believe the "coolant" was just old and discolored and not oil-filled and indicative of a leaky head gasket.
Lastly, this cold start issue is starting to concern me. It seems like starting the vehicle is becoming harder each time I turn the key. Once I get it warmed up, it will start flawlessly, but when I let it sit over night it seems to slowly crank and then make an annoying "clanking" noise when it finally does fire up.
SD
PS: Still yet to do compression test. I should probably quit jacking around and just get it taken care of but I haven't found the time.